Home prices rose a seasonally adjusted 0.5% in August, faster than a 0.2% gain in July, according to data released Thursday. The Federal Housing Finance Agency, which tracks deals involving mortgages backed by Fannie Mae and Freddie Mac, said home prices in August were up 4.8% from the year-earlier…
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Home prices rise 0.5% in August: FHFA
Investors around the globe continue to look for signs about the economic health of major economies. Preliminary factory and service output started being reported by Markit and HSBC yesterday night. The flash Purchasing Managers Index (PMI) in China beat expectations yesterday as it rose above its…
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Global Growth Hope as Factory Output Rises
Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years as an improving economy prompted employers to hold on to staff. The four-week average of jobless claims, a less-volatile measure than the weekly figure, dropped to 281,000, the lowest si…
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Jobless Claims in U.S. at 14-Year Low Over Past Month
The European Commission has asked Italy to explain why its draft budget for next year will breach European Union debt-reduction goals, a step that may lead to demands from Brussels for changes to the spending package. Italy’s 2015 budget proposal showed a “significant deviation” from its previous…
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EU requests clarification on Italy’s "breach" of budget goals
Saudi arabia said to cut crude oil supply to market in sept; cut sept. Supply by 328k b/d to 9.360m b/d vs 9.688m aug.
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Saudi Arabia said to cut crude oil supply to market in Sept
Analysts had expected Caterpillar to report earnings of $1.36 a share on $13.19 billion in revenue, according to a consensus estimate from Thomson Reuters. The world’s largest maker of earth-moving machinery indicated earlier this year that it was seeing weakening sales outside of the United Sta…
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Caterpillar posts earnings of $1.72 a share vs. $1.36 estimate
After four straight days of considerable gains on Wall Street that has already retraced to the 61.8% Fibonacci level of the sell-off, the S&P 500 has undergone a near term correction with a fall of around 0.7%. The minor sell-off was attributed to a reduction in risk appetite amid a terrorist attack…
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Key technical levels tested on Sterling, Yen and Gold
Swelling current account deficits have often been the undoing of the U.K. economy. In the mid-1970s and late-1980s, ballooning trade gaps beyond 4 percent of gross domestic product presaged recessions and devaluations in the pound after investors concluded the Brits were living beyond their mean…
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Less Need to Mind U.K. Gap Amid Record Current Account Deficit
At around noon on Thursday, the euro zone’s 130 biggest banks will receive the European Central Bank’s final verdict on their finances after a review aimed at drawing a line under persistent doubts about the health of the region’s banking sector. Most banks already have a good idea of how they h…
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Europe’s banks face moment of truth from ECB review
The recovery in British manufacturing continued in the three months to October, but the pace of growth slowed as new export orders declined, according to the latest CBI Quarterly Industrial Trends Survey. The survey of 448 firms reported sustained above average growth in orders and output volumes…
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Exports decline weighs on manufacturing growth – CBI
BREAKING
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EU Commission: Italy 2015 budget has ‘significant deviation’ from adjustment goals
New Zealand’s FMA has taken a very active stance in warning potential customers about the perils of dubious forex trading software and schemes which promise unrealistically high returns as more established regulators turn a blind eye. For quite some time, New Zealand has been widely regarded with…
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New Zealand says mind the “big win scams!” FX Ponzi schemes on regulatory radar
Japan was hit on Thursday by a third political scandal in a week after its new industry minister – whose predecessor resigned in disgrace over misspending – admitted that his underlings had spent office cash at a sex bar. Harvard graduate Yoichi Miyazawa, a former top bureaucrat in the finance mi…
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New Japan minister hit by S&M bar scandal
Mortgage approvals in Britain fell in September to their lowest level since July last year, standing 9.9 percent lower than a year ago, industry data showed on Thursday. The British Bankers’ Association said its members approved 39,271 loans for house purchases in September, down from 41,361 in A…
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September UK mortgage approvals fall to lowest level since July 2013 – BBA
British retail sales fell more than expected in September, adding to signs that the country’s economic recovery is losing some of its pace. Retail sales volumes fell 0.3 percent on the month, their weakest performance since January, to show growth of 2.7 percent on the year, the Office for Natio…
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UK retail sales fall in September, hit by weak clothing demand
•The quantity bought in the retail industry in September 2014 was estimated to have decreased by 0.3% compared with August 2014. However, it increased by 2.7% compared with September 2013 making this the 18th consecutive month of year-on-year growth. This is the longest period of sustained year-on…
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UK Retail Sales, September 2014
Not sure what’s driving the move as only just sat down, but there”s plenty of yen selling going on with both the dollar and the crosses all jumping. USD/JPY flushed stops through 107.50/55. The numbers out of Europe this morning were mildly positive so maybe we’re seeing a move to risk, US 10R…
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USD/JPY off to the races as it runs stops to 107.60
Euro zone businesses performed much better than anyone expected this month but did so by slashing prices again, and optimism about the future fell to its lowest level in over a year, surveys showed on Thursday. The growth data will provide some relief for the European Central Bank but news that f…
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Euro zone business growth unexpectedly gains pace, prices still falling: PMI
Speaking at the Society of Business Economists Annual conference, Ben Broadbent, Deputy Governor for Monetary policy, discusses how to interpret the downward trend in interest rates over the past twenty years. His main focus is to consider two frequently made claims by economic commentators: …
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Broadbent – Monetary policy, asset prices and distribution
The Eurozone saw a marginal upturn in growth of business activity in October, according to the flash PMI results. The headline Markit PMI™ rose from September’s ten-month low of 52.0 to 52.2, signalling the first upturn in the pace of expansion for three months. However, the index remained below the…
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Stable Euro-zone PMI masks steepest fall in output prices since global crisis
